Ontario Securities Commission

Fidelity Investments Canada ULC applied for exemptive relief from the requirement in section 3.2.01 of National Instrument 81-101 to deliver a Fund Facts document to purchasers before accepting instructions for the purchase of mutual fund securities.

The relief was sought in connection with a one-time automatic switch of Family Plan Account Holders' existing holdings from series B, S5, and S8 securities to series F, F5, and F8 securities, which have lower management and administration fees.

The principal regulator granted the exemption, subject to conditions including advance notice to account holders and ensuring that the new series have lower combined fees and no switch fees.

The applicant, BMO Asset Management Inc., applied for exemptive relief on behalf of existing and future mutual funds to permit them to invest in securities of US-listed exchange-traded funds that are not index participation units.

The principal regulator granted the exemption from paragraphs 2.5(2)(a), (a.1), and (c) of National Instrument 81-102, subject to conditions including a 10% net asset value limit on such investments and prospectus disclosure requirements.

The applicant, U.S. Gold Corp., applied for an exemption from the prospectus requirement under the Securities Act for certain marketing activities not expressly permitted by National Instrument 71-101.

The exemption would allow investment dealers to use standard term sheets, marketing materials, and conduct road shows in connection with future offerings under a Final Canadian MJDS Shelf Prospectus.

The Ontario Securities Commission granted the exemption, provided the conditions in Part 9A of NI 44-102 are met.

FT Portfolios Canada Co. applied on behalf of First Trust Long/Short Equity ETF for exemptive relief from certain provisions of National Instrument 81-102.

The requested exemptions would permit the Fund to invest up to 100% of its net asset value in the First Trust Long/Short Equity ETF, a U.S. exchange-traded fund not subject to NI 81-102 and not a reporting issuer in Canada.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the U.S. ETF remains subject to the U.S. Investment Company Act and complies with applicable borrowing and short selling limits.

The applicant, MacDonald Mines Exploration Ltd., applied for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions following a corporate arrangement where it became a wholly owned subsidiary of Canuc Resources Corporation.

Although the applicant was in default of filing its annual financial statements due to a delay in completing the arrangement, the principal regulator granted the order, noting that the applicant's outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction and it has no intention to seek public financing.

The Filer, Awakn Life Sciences Corp. (1169082 BC Ltd.), applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The principal regulator, satisfied that the statutory test was met, granted the requested order.

The Filers, Fitch Ratings Canada, Inc. and Fitch Ratings, Inc., applied to the Ontario Securities Commission for a decision designating Fitch Canada as a designated rating organization (DRO) and revoking the previous designation order for Fitch US.

The Commission found that Fitch Canada met the requirements under National Instrument 25-101, relying on the global policies and board oversight of its parent company.

The application was granted, designating Fitch Canada as a DRO and revoking the 2022 designation order for Fitch US.

The Filer applied for exemptive relief on behalf of several alternative mutual funds to permit them to short sell Government Securities up to a maximum of 300% of their net asset value.

The relief was sought to implement an interest rate risk hedging strategy by short selling government securities of the U.K. and Germany, in addition to those permitted under NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the short sales be consistent with the funds' investment objectives and hedging strategies, and that aggregate exposure limits not be exceeded.

Longpoint Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief on behalf of several proposed alternative mutual funds (ETFs) from the concentration restriction in subsection 2.1(1.1) of National Instrument 81-102.

The ETFs seek to provide daily investment results corresponding to up to three times (3X) or three times the inverse (-3X) of the daily percentage change of specific indexes.

The exemption was sought to permit the ETFs to invest more than 20% of their net asset value in securities of a single issuer, as required to replicate the leveraged returns of their respective indexes where a constituent security represents a large portion of the index.

The Commission granted the requested relief, subject to conditions requiring enhanced prospectus disclosure regarding the ETFs' names, investment objectives, concentration risks, and passively-managed nature.

The Filer applied for exemptive relief on behalf of several alternative mutual funds from the concentration restriction in subsection 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit the funds, which seek daily investment results corresponding to 300% or -300% of the daily performance of an index, to invest more than 20% of their net asset value in securities of a single issuer.

The principal regulator granted the requested exemption, subject to conditions including prospectus disclosure of the exemption and associated concentration risks.

The applicant sought exemptive relief from certain financial statement and MD&A preparation requirements under NI 51-102, NI 41-101, and NI 52-107 in connection with an information circular for a proposed business combination.

The applicant requested to prepare certain historical and pro forma financial statements in accordance with U.S. GAAP and U.S. PCAOB GAAS, and to prepare the related MD&A in accordance with U.S. requirements.

The principal regulator granted the requested exemptions, provided the documents are prepared in accordance with the specified U.S. standards.

The Filer applied for exemptive relief on behalf of existing and future exchange-traded funds from certain provisions of National Instrument 81-102 Investment Funds.

The requested relief would permit the ETFs to borrow cash up to 100% of their net asset value and to engage in securities lending transactions where the aggregate market value of loaned securities exceeds 50% of the net asset value.

The principal regulator granted the requested exemptions, subject to specific conditions regarding leverage limits, collateral requirements, and the appointment of agents for securities lending.

The issuer, Mijem Newcomm Tech Inc., applied to the Ontario Securities Commission for a partial revocation of a failure-to-file cease trade order (FFCTO) issued on December 4, 2024.

The issuer sought the partial revocation to complete a proposed private placement financing of up to $250,000 to cover accounting, legal, and regulatory fees required to prepare and file its outstanding continuous disclosure documents.

The Principal Regulator found that the partial revocation met the statutory test and granted the order, subject to conditions including obtaining acknowledgements from investors that the securities remain subject to the FFCTO until a full revocation is granted.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Purpose Ether Staking Corp. ETF from June 14, 2025, to August 28, 2025.

The extension was sought to align the Fund's prospectus renewal with other mutual funds managed by the Filer, thereby reducing costs and streamlining disclosure.

The Commission granted the requested exemption, finding it would not be prejudicial to the public interest.

The Filer applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 to permit it to pay participating dealers for direct costs incurred relating to cooperative marketing initiatives whose primary purpose is to provide educational information concerning financial planning matters.

The Ontario Securities Commission granted the relief, subject to conditions including that the Filer does not require participating dealers to sell its funds and that the materials contain only general educational information.

The Filer applied for exemptive relief on behalf of certain mutual funds to permit them to invest substantially all of their assets in underlying funds in which the Filer or its affiliates may have a significant interest, and where the top funds may become substantial security holders of the underlying funds.

The Ontario Securities Commission granted the requested relief, subject to various conditions including that the securities are distributed solely to accredited investors and that no duplicative management or incentive fees are payable.

The Filer applied for an order under the securities legislation of Ontario declaring that it has ceased to be a reporting issuer in all jurisdictions of Canada where it holds that status.

The Ontario Securities Commission, acting as the principal regulator under the passport system, found that the Filer met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not being in default of securities legislation.

The application was granted.

The applicant, Fidelity Investments Canada ULC, applied to the Ontario Securities Commission for exemptive relief from the inter-fund trading prohibitions in National Instrument 81-102 and National Instrument 31-103.

The applicant sought permission for its Canadian investment funds and client accounts to engage in inter-fund trades of debt securities with international funds managed by its affiliates.

The Commission granted the requested relief, subject to conditions including independent review committee approval, compliance with foreign regulatory requirements, and periodic reporting of trading activities.

The Issuer, StageZero Life Sciences Ltd., applied to the Ontario Securities Commission for a partial revocation of a failure-to-file cease trade order issued on April 8, 2024.

The Issuer sought the partial revocation to complete a private placement of up to $2,000,000 to raise funds to prepare its unfiled continuous disclosure documents, pay outstanding fees, and apply for a full revocation order.

The Commission granted the partial revocation order, subject to conditions including providing subscribers with a copy of the order and obtaining acknowledgements that the securities remain subject to the cease trade order.

The Filer, Entourage Health Corp., applied for an order under the securities legislation of Ontario to cease to be a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Filer represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator, satisfied that the statutory tests were met, granted the order.